Press Release: Peabody Hotel Group
June 5, 2002
ORLANDO, FL -- Marty Belz, president and chairman, Peabody Hotel Group, Memphis, Tennessee, has announced the company's
acquisition of 100% ownership of The Peabody Little Rock. This follows PHG's recent buy-out of MHI Holdings LLC's
49% interest in the property which opened its doors for business as The Peabody Little Rock on January 31, 2002,
following a $40+million makeover of what formerly was Arkansas' Excelsior Hotel.
"We are very pleased to have participated in the metamorphosis of this grand hotel and are proud to pass the
torch of full ownership to Marty Belz and Peabody Hotel Group. With the hotel's renovation virtually complete,
and the Peabody flag flying high in Little Rock, now is a perfect time to turn our attention to our other interests,"
commented Ian Warburg of MHI Holdings LLC, 49% partner in the deal struck nearly two years ago. "The Peabody
Little Rock is a splendid hotel property and we wish Marty and his fine team great success."
In making the announcement, Belz thanked the former owners of the property, the Kasuga family, and Ian Warburg
of MHI Holdings LLC, for their patience and cooperation during the initial and subsequent acquisition stages. He
also acknowledged the loyalty and hard work of the hotel's associates who had endured the inconveniences and rigors
of reconstruction, renovation and redecoration.
"This is a significant acquisition for Peabody Hotel Group and especially for the management and associates
of The Peabody Little Rock," said Timothy S. Gonser, vice president and general manager of the hotel. "The
remaining renovation projects for the hotel, notably the Conference Center, Mallards Bar, Business Center, Beauty
Salon and shops, are nearing completion.
"Peabody hospitality standards, and excellence through ongoing training and mentoring, are the hallmarks of
a Peabody-flagged property. The legendary Peabody service cultures and standards will continue to blossom here
at the Peabody Little Rock, making this hotel another shining jewel in our Peabody crown."
One of the nation's premier, privately-held hotel management companies, Peabody Hotel Group, totals eleven properties:
The Peabody Memphis, The Peabody Little Rock and The Peabody Orlando. There are eight franchise properties within
PHG's portfolio, including the Hilton Hotel, University Avenue, Little Rock, AR.
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Contact:
Peabody Hotel Group, Orlando
MaureenBrigid Gonzalez, 407/345-4521
Fax: 407/363-1505
e-mail: Mgonzalez@peabodyorlando.com